Real estate Guide
Real Estate Tips for Veterans & Active Military By Michelle Muniz www.sdsellhome.com
What Homebuyers Can Expect in 2024 Now that inflation has slowed and interest rates are starting to decline, there is certainly reason to be optimistic about homebuying in 2024. But, as we enter the busy PCS season, there are certain trends military homebuyers should be aware of as they navigate the real estate market. Some industry professionals predict that interest rates will drop to as low as 5% by the end of the year. This sounds like great news, but while lower home sales have increased housing inventory slightly, it’s not enough to keep up with demand. As a result, home prices continue to escalate. The National Association of Realtors (NAR) anticipates sales prices will increase approximately 13.5% by the end of 2024. Although the real estate landscape remains competitive for homebuyers, it’s a much more manageable environment than it was two years ago!
Sellers, on the other hand, can enjoy quite a bit of equity that can be used as a down payment for their next home. However, if they benefited from the 2-3% interest rates that were prevalent a few years ago, financing at 5-6% in the current market might not be feasible, especially coupled with higher home prices. If you find yourself in this situation, it might be worth considering renting your home for a time, especially with high rental rates in certain markets. As you continue to hear predictions from industry professionals that may favorably or unfavorably impact your decision to buy or sell, the best you can do is be prepared for the moment you are ready to make your move! Good luck in 2024! For more information on buying or selling a home,contact Michelle Muniz at (619) 214-0131 or email at michelle@jmxinvestments.com
www.sdsellhome.com michelle@jmxinvestments.com
28 WWW.SanDiegoVeteransMagazine.com / February 2024